The cooperative sector in financial services is seen as an important medium of financial inclusion. However, repeated frauds in this sector have made it necessary to effect changes in how they function.
The various banking crises that have unravelled in the recent times have left us questioning on the efficacy of corporate governance practices in our country. Detailing into the capabilities and weaknesses in the banking governance system, this article by Prutha Pandharkame looks into the role of the regulator in avoiding the banking crises that affect our financial systems.
Recent bank scams can be directly attributed to the failure on part of auditors in bringing to light the fraudulent processes taking place in these banks. However, creating a robust audit institution is not as easy as it seems, as there are perverse incentives on part of auditors and lack of power with regulators to enforce mandate. In this article Vishal runs through the essence of bank audits and why they’re extremely important, and culls out a solution for making them follow a desirable trajectory.